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U.s. 18, Us 15, Gm 9, Washington 7, Nicole Petallides 7, Ravens 6, Ashley 6, Ubs 5, Tracy 5, Nicole 5, Exxon 5, Dell 5, Siemens 4, Fha 4, Chevron 4, Ford 3, Google 3, Oracle 3, Wti 3, S&p 3,
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  FOX Business    Markets Now    News/Business.  
   Business news. New.  

    February 1, 2013
    1:00 - 3:00pm EST  

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lori: knocking on the door of dow 14,000. it will be an exciting hour. i am lori rothman. melissa: we crossed it and now we are below it. i am melissa francis. the dow about 200 points shy of a new all-time high. lori: 157,000 jobs added last month. a small pit in the 12 million people still looking for work. we will be asking why a strategist is not buying into this rally today. melissa: breaking news on ubs new strategy. charlie gasparino is here on that in just minutes. lori: we are now just 30 days away from a huge reality check. sequestration deep across-the-board. let's get an update on the market as we do every 15 minutes. our very own nicole petallides.
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that jobs are for pushing the dow to 14,000. nicole: this is a really exciting day. when you see dow 14,000, it is a psychological level that sony people have been waiting for. we are back to those levels that we saw in 2007. at 13,997 and change. let's take a look at that s&p 500. also a winner there. you do see where we have that popped in the 10:00 a.m. hour. it jumped up and crossed into the 14,000 zone. 14,004 was the height of the day. we have seen bank and retail stocks doing very well today. that is where we stand at this
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point. we lost a lot of our value and got a lot back now. back to you. melissa: nicole, thank you so much. the unemployment rate is at 7.9%. people who need more work in order to pay their bills and you get 22.7 oh yen people. that is flat from december. the markets like the report, though. michelle girard joins us now. thank you for coming on the show. i always love to have you on jobs day. >> like you said, january was a little bit like. when you look at the revisions, the payroll numbers were better in 2012 then they thought and they were particularly stronger in the fourth quarter where payroll growth averaged over
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200,000 in the month. it is not a great story, but a story, i think, that shows the labor market is continuing to prove. a story on that is frustrating. melissa: right now it seems i can enter routable number. >> that is exactly right. i am clearly optimistic. i did not see it happening until 2016. this is the issue. we still have a labor market
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that is slowly, slowly recovering. all of the losses that we are still climbing back from. you said you do not think we will hit 6% for four years. they will leave the interest rate low targeting unemployment. a lot of people have asked me today why the market is so happy if the numbers are so bad. >> there were signs that the economy is holding. particularly, when you look at the strength in the fourth quarter, for all the complaints, the economy is showing resilience in the face of the mess going on in washington. in a way, that is good news and i can be positive for stocks. there is nothing in this report that would suggest the fed will
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change anytime soon. we will continue to see more buying of treasury security, the liquidity will continue to benefit the equity markets. melissa: i was also surprised to see an upward revision for september and december. if you put together the upward revisions, it was an extra 127,000 jobs that we did not know about. >> the tricky thing about the gdp number, though, digging under the surface, it was quite strong. stronger in the fourth quarter than it has been since the beginning of 2012. i think the strong employment numbers and income numbers kind of fit together. melissa: michelle girard, thank you so much. appreciate it.
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have a good day. lori: ubs getting bearish on the bond market. a new investor classification system is calling those investors that heavily invest in bonds aggressive. charlie gasparino joins us with more. charlie: you know, you look for signs of bearishness and bullishness. bond yields are starting to go down a little bit. we have interest rates really low. ubs is a big brokerage firm. they have 5000 brokers. one of the bigger ones. they have hundreds of thousands of clients. they are now planning a change in their investor classification system. more investors will be moved from what is known as the conservative classification. they will be alerted by this in
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march, from what i understand. what is prompting this? this is what i am hearing. it is a more bearish term of the bond markets. the fed cannot keep interest rates at zero for the next 20 years. short-term interest rates have got to go out. quantitative easing, if you have a longer-term portfolio, over the next five years, quantitative easing has to stop with me to stop buying bonds and prices go down and yields go up. be prepared for a bond market rally. we basically have had a bond market rallied for about 30 years. that may be coming to an end. this is what brokers are telling me. they are giving me a little bit of a different story. no doubt this reclassification is in effect. if you are a ubs customer, and there is a chance, i do not know how good it is, there is a
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possibility that you have been reclassified. management says this is not a change in our view on the bond market. although, we do worry about volatility in the market and that is why we are doing this. brokers deal with small investors and they do not react to nothing. this is ubs putting its stamp basically on the fact that they believe a bond market rallied is running out. lori: do they give you a benchmark? 2.25% -- 630 i feel like i am talking to larry mcdonald here. [ laughter ] there are investors that our
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clients, i guess that, there are a lot of client that ubs. they will be reclassified to some of the more progressive categories. the brokers inside the firm said that is reflective of a more bearish view of the bond market. the firm itself is telling me we are reclassified all of our views. it is not just bonds, it is stocks as well. whatever it is, clearly, when the dow hits 14,000, we know that money is starting to flow into stock mutual funds, they are still flowing into bond funds, it is going up. prices are going down. you see this reflected. people are thinking bonds are done. people should be moving into stocks. if you leave your money into bonds, you are rolling the dice a little bit here. i think that is what the brokers are saying here.
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bonds you are considered conservative. at this level, you are the average guy out there, you have to think. with interest rates the way they are, if they raise them, are you still conservative if you are in bonds? lori: the trends are creating a very clear picture. charlie, thank you. melissa: the auto industry is shifting into overtime. jeff flock joins us from chicago. jeff: bearish bonds that may be bullish for stocks and, auto stocks. six month return on gm, plus
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30%. same thing for ford. i think they are 41%. part of the reason for this is the positive sales numbers that we have had. take a look at where they are right now. keep in mind, january is usually a slow month. that is why you should even be more bullish on stocks. gm up 16%. chrysler up 16%. here is why you should continue to be polish on auto stocks. this is the amount of money that automakers put on the hood to try to get you to buy. honda's incentive spending down 27%. toyota is down 14%.
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that means that even though they are spending less to incense you, you compare it to the auto sales numbers in january, it did not matter. trucks, for example, did very well this month. that is an indication, you know, they had big incentives in december, if they buy them in january it is because they need them. all very bullish news from the auto sector. melissa: that is great. jeff flock, thank you so much. is your piggy bank going hungry? the percentage of americans that have nothing saved. lori: can you give it away? it seems as though war gets wound down in afghanistan, it begins in washington.
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melissa: as we do every 15 minutes, we are checking the markets. the dow keeps going back and forth. nicole petallides. nicole: just fractionally away from the dow 14,000. there you go, there is the 14,000 for you. it is up 1%. you are seeing winners in financials. winners and drug stocks doing well. retails, transports, oil services doing well. the nasdaq is up 1.2%.
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we are in earnings season, as well. looking at chevron and exxon. both coming in with numbers that have up arrows. chevron is up .8% and exxon just sweeping out a game after being in negative territory earlier. there is a ten year chart of exxon mobil. lori: talking about this great rotation money flowing into equities and out of bonds. it could actually start to threaten the investment or folios now. elizabeth macdonald is here now.
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>> goldman sachs and garyare saying they are not protected enough. listen, they will be there to facilitate the deals, but we cannot be the buyer. also saying that investors are not protected enough against the bond bubble. they are basically cuddling their value at risk. they are locking in lower rates right now. watch this. if the rates reverts rapidly to early 11 levels, bond losses will basically hit 15%. look at that, a 26% loss. they are pretty much exposed to
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a bond market rout. we saw a lot of default. they do not have any timing on when it could happen. they do not say who, what, when or where. we do not even know the timing of this. the fact that these two players are coming out with a warning is pretty big. they are saying we cannot be the buyer of last resort. lori: thank you. boeing's streamliner nightmare. we have the first concrete figures now on how much financial damage the 787 damage are costing the carrier. melissa: it is more than just a
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super bowl championship online. the big bucks that are at stake when the ravens face the 49ers. take a look at how the dollar is faring as we head out to break. we see the market go just over 14,000 right now. 14,001 right now. we are following this and we will be right back. ♪ [ male announcer ] at his current pace, bob will retire when he's 153, which would be fine if bob were a vampire. but he's not. ♪ he's an architect with two kids and a mortgage. luckily, he found someone
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>> at 23 minutes past the hour, i have your fox news minute. in cairo, within 10,000 protesters are clashing with police. security forces are firing tear gas. they are all out there chanting, leave morsi. the white house calling the homicide attack on the u.s. embassy in turkey a terror. two are dead. military sources telling fox news that all u.s. staff are safe at this time.
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in mexico city, people are dead after the explosion at a mexican owned state oil company. the cause of the explosion remains unknown. those are your headlines. who got bleeped, you or me? thank you to congress taking the can down the road, massive defense cuts were put off until march 1. with just one month ago, there is little sign of progress. general charles joining us now. welcome, sir. $500 million in defense department spending cuts. they are likely inevitable.
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your thoughts on the impact. >> first of all, there has already been $487 billion of cuts levied on the deal. the 500 billion that is pending would be devastating. one of the things that i like to remind people of is we are already in sequestration. the department has already started cutting their spending on many other programs. lori: the first tape showed a contraction. as you know, there are a lot of deficit hawks out there that are happy to see cuts as painful as they may be.
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>> the problem is, the way it is being done now is very inefficient. it is like senator warner from virginia said. you cannot portion two thirds of a ship. lori: how is all of this impacting the day today operations? >> i think for our overseas operations, we will still have funding for that. the department of defense has directed that potentially it is a sequestration that does go into effect. all maintenance for all aircraft
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and ships will be stopped. we are looking at a ten year recovery rate. lori: with these cuts will be u.s. still have the largest defense budget in the world? >> ironically, i think, if done properly, again, everybody needs to take somewhat of a haircut, if you will, on spending because of our economic situation. the pentagon can take some more cuts. i will not give you what that number may be. if they budgeted around 450 billion annually, which is a fairly significant cut from where we were at last year, we could certainly take care of our national defense. i will add, one thing that many people believe that after afghanistan and iraq is completed that we will go back to a peace dividend.
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we will live in a world of persistent conflict for the rest of our lives. lori: we are watching turkey and egypt and israel and syria. it is alarming. general, thank you for your input. >> thank you very much. melissa: boeing and its customers are facing a hefty price tag. japanese carrier, which has large airliners in its fleet than any other airliner out there, is reporting more than $1500 in lost revenue. investigators are still trying to figure out what caused one battery to catch fire earlier this month. the carrier says it remains unclear when the dreamliner will resume commercial flights. lori: check out shares of
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google. nearly $775 per share. that puts google at a new all-time high. shares debuted back in september of 2004. they are up more than 600%. that is some gain if you got it in the beginning. melissa: 157,000 new jobs. a spot that in the 12 billion jobs still looking for a job in america. lori: the wealth effect, you have to love it. the dow looking to end the month with the highest percentage gain in january. ♪
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melissa: it is time for stocks now. as we do every 15 minutes let's head to the floor of the new york stock exchange with our own nicole petallides. what do you have, nicole? >> i'm looking 14,000 and a lot of green on the screen. we're setting new highs here, milestones, record highs we haven't seen in five years. wooeg going back to 2007. the dow right now as i speak, hitting a new high, session highs of 14,009. that would be the highest level of the day and of the year and over the last five years. we've also seen a jobs report which helped things along. we got in the monthly numbers.
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they added 157,000 jobs in january. that was a little light. they were hoping for 166,000 according to economists. however the revisions for the prior month were actually very favorable. with that we saw the dow getting a nice pop. the dollar has been lower which helps things along, particularly for our multinational companies. that is one of the reasons why we popped five years ago. here you go right now. i'm handing it back to you at session highs. back to you. lori: appreciate it. thanks, nicole. for more on the markets and today's headline january jobs number we turn to jeff klinetop, from lpl financial. unemployment rate rising to 7.9% in january and the economy didn't add as many jobs as expected. dow hit psychologically important high of 14,000. jeff you've been watching these moves for some time. how do you reconcile this. >> the data was goldilocks data. it wasn't too hot. it wasn't too cold.
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it wasn't suggesting that the economy was starting on a new path of weakening. it wasn't hot enough to suggest the fed pull back their quantitative easing program. it helps the don't fight the federally but at the same time sluggish economic growth for the u.s.. lori: take the rally here, we've been marching on, grinding on. every time we hit these levels, even numbers, there is always one step forward, two steps back. how long do you think it will take us to hold this level safely on the dow. >> i awe greet 14,000 the same way we greet it 14,000. we hit it in february. we were up and down up and down. we didn't leave it behind until december. same thing with 12,000. we hit that in 2010. didn't leave it behind until december. i think that may be the same way this time. as we hit 14,000, look to buy the dips. expect later this year we break out of the range to the upside. you want to buy what is
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working in a trading range. that means homebuilders, transports and industrials are the way to go. pick them up. don't get greedy, we may only see 3, 4, 5% pull backs in this market. that's where you do the shopping. lori: do you buy the january barometer. as january goes so goes the market? >> since 1950 it worked 90% of the time. when stocks are up in january they're up for the year. the problem it hasn't worked in recent years in 2009 and 2010. when january was down, we saw gains. we saw a gain in january but stocks were --. lori: are you looking at great rotation debate and all the big banks saying watch out the bond bubble may finally burst? watch those interest rates? they might pop up sharply? >> no. i don't think that's really the story. i think the flows are interesting ones in the sense we're not so much seeing selling out of bonds. we're for the first time seeing buying of stocks. so what is interesting to take a look at when was the
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last time we saw buying for a month for u.s. equity mutual fund? it was april of 2011. that was actual the peak for the year. so i think it could suggest we're in for a period of consollation -- consolidation, time to buy the dips signaled by the dip in mutual flows. lori: jeff, thank you. >> you too. melissa: are you prepared for the worst? a new report on the percentage of americans who have nothing saved. lori: unreal. melissa: at all. wall street in celebration mode as the dow tops 14,000. the largest ipo since facebook makes its debut. what you need to know about it next. talking about interest rates, people are seeing reaction to the bond market with a big equity rally. slight selloff in treasurys. out the curve the 30-year, yield pumping up to 2.1%. we're back after this [ male announcer ] you are a business pro.
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what? customers didn't like it. so why do banks do it? hello? hello?! if your bank doesn't let you talk to a real person 24/7, you need an ally. hello? ally bank. your money needs an ally. >> i'm cheryl casone with your fox business brief the rally on wall street continues as the dow jones industrials crosses the 14,000 mark for the first time since the financial crisis. right now take a look at the dow. we're at 14,007. the government says 157,000 jobs were added in january and unemployment rate rose slightly to 7.9% but the latest figures show that highering was stronger in both 2011 and 2012 than previously estimated. u.s. manufacturing activity grew at a faster pace last
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month of the institute for supply management says its index of manufacturing activity jump to a better than expected reading of 53.1. any reading over 50 signals expansion. >> shares of society tis, pfizer animal health unit. it is largest u.s. ipo since facebook went back in public in may. that is the latest from the fox business network, giving you the power to prosper
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lori: not all the super bowl action will be playing out on the football field this sunday as some tech companies are looking to score big with some super bowl-themed apps. here is shibani joshi with more. shibani. >> it is all about the apps and every other field so why wouldn't it be on the football field too. it is super bowl sunday and everybody is gearing up for the big game in two days. you can gear up right now just using your mobile phone. there are a lot of big
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statistics that give you a sense how interactive this year's game is going to be. over 111 million viewers expected to watch. more than half of them will use a smartphone to enhance coverage. we're talking about two screens to view the game. 26% of the them will use a tablet and smartphone. i have a couple ideas what you should be downloading right now today to get you the best experience. the first one if you're watching the game and want to know everything that is happening with the game, nfl mobile, has a great. this is must-have app. you can stream the entire game on the iphone and android app. you can download the official super bowl app. this is for somebody particularly geared someone going to the game. gives you directions to local attractions maps, et cetera, et cetera. if you're followers of the team, lori, melissa, do you have any pics here? lori: not a one. >> not a one. so you won't be downloading the 49ers or the ravens mobile app. both of those teams have cool applications to get the
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fans head into the game. last but not least, super bowl party. you guys are throwing a super bowl party, right? melissa: absolutely. i'm rooting for the niners. >> fine. you don't have to the download their apps. if you're having a party these are great apps. super bowl party game. this is great because this comes up with questions about what you can ask your friends. things like how long will the national anthem be? how many points will each team score? you can get into this game and bet on it. melissa: gamble. gamble. >> play with your friend. football squares. a lot of us do the super bowl pools. you can manage your pool this way. there is i cooking app and app for cooking appetizers. if you're looking for recipes out there. and then the thx tune-up i thought was kuhl because this allows to you sort of juice up your home audio system. it is an app that makes sure you have sort of all your audio things working. things, because i don't do that but that's what it does apparently. so a little bit of something for everybody all in the app
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world. melissa: i love it. lori: i would be going to disneyland on super bowl sunday if it was close. that's me. melissa: that is really good idea. wow! a new study says almost half of u.s. households are one emergency away from financial ruin. according to the same report, one-third of americans have no savings at all, nothing. the report released by the corporation for enterprise development defines these families as liquid asset poor. that means they lack adequate savings to cover basic expenses for just three months. if they suffer a loss of stable income. about a quarter of the households are qualified as net worth asset poor. the meaning that they have few, the few assets they do have, whether savings account or their home, are overwhelmed by debt. that is really depressing. lori: it is depressing and it is sad. you know what the other side of it is? melissa: i am. lori: people are spending and putting it out into the economy. it is not a large sum because of the people we're talking about here but that
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is --. melissa: silver lining? lori: well, to help the broader economy. melissa: people spending themselves into poverty. lori: stuffing i it away. not necessarily in poverty. there is bad first blush. melissa: have to find a silver lining somewhere. lori: talk about the markets. the dow is back above 14,000. it has been 15 minutes since we last checked in with nicole. nicole on the floor of the stock exchange. what is mood for traders. >> we held the 14,000 mark. the fact we didn't just sell off and we continued to the upside. obviously that is a bullish trend. we're up 146 points on the dow. traders say a breather would be likely since we've run up so far so fast. it wouldn't be unusual to see a little bit of a pullback as we're facing the resistance levels and headwind at the levels we are currently. i want to look at our ipo of the day. we're looking here at zoetis. this is animal health
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company spun off from pfizer. look at that. up 20% right now. lori: thanks, nicole. melissa: it is football time in america. i can't wait. we're gearing up for a look at the big bucks spent as the ravens face off against my 49ers. lori: including picking the color of gatorade dumped on the winning coach if you can believe it. ♪ . twins. i didn't see them coming. i have obligations. cute obligations, but obligations. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio.
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melissa: so for three straight years the super bowl has broken its own viewership record with 111 million people tuning in last year. can you believe that? we have for example executive editor and here whether or not it pays for advertisers to shell out almost $4 million for 30 seconds of airtime. what do you think? is it worth it? >> i think it certainly is, melissa, particularly if you have a good ad. godaddy really broke through in the area and apple ad is most iconic of all time appearing on super bowl. i expect viewers to approach 114 to 115 million on average. melissa: how does that compare to what it normally costs for an ad? obviously there is huge span what it could cost depending what show it is but if like a national ad during a normal game, what would that cost? >> easily five or six times that amount. you have to look at it this way, the networks, nbc, fox, and cbs recently increased what they're paying to cover the nfl to 3.1 million over
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the life of the next deal which grins in 2014, up from 1.9 billion. so they're really paying for the big games because they know they're going to make their money from advertising from the playoffs in particular the super bowl. melissa: that is so crazy. we're looking at screen. 60 second ad is $7.5 million. we're looking at record viewership from last year. do you think we'll break another record this year? are even more people going to watch? >> i do. i expect the halftime show to break the record. with madonna, more people watched halftime show than they did the game. it was 113 million last year. i expect 117 million this year. beyonce is doing it. had great performances leading up to it the promote the halftime show. that makes pepsi the sponsor very happy. melissa: the controversy surrounding the inauguration. that will help viewership. people will watch to see if she is really singing. does it make the difference
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the teams playing? does the ravens and the niners make it a game to be more likely watched in big markets, not? how does that change things? >> i don't think it is the markets necessarily than the dynamics of the teal. you have brothers competing as coaches against one another. ray lewis, the linebacker of the ravens. this is his lags year. he is obviously a ha of fame player. a lot of people want to see him go out with a win. colin kaepernick, the quarterback of the 49ers who has been sensational down the stretch. that will be a lot of buzz around the game and that will get more people to watch that aren't die-hard football fans. melissa: is there a way to fumble this? if you do a terrible ad is thatted about idea for sponsors? >> think the way it works for sponsors typically when the ad deals directly with the product, doesn't get too sophisticated. cars.com will have an ad why online, how to use their product to really buy a good
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car for good value. budweiser, which is huge sponsor will have an ad about one of their new products. bud black. so i think those types of ads typically have done best. melissa: mike, thanks for coming on. we appreciate your time. >> my pleasure. lori: we know who melissa is the aboutings on the super bowl, the 49ers but who are you betting on in the super bowl? if you're actually not sure who is going to win there are some other super bowl bets you can make if you're in gambling mood. super bowl betting moved into an area called prop betting, wagers on events surrounding the game, not exactly the game itself. so, for example how long will alicia keys take to sing the national anthem? over under? 2 minutes and 15 seconds. or, how long will harbaugh brothers handshake or hug last? the over/under on that? 6 1/2 seconds. melissa: i love it. lori: how many times will jack harbaugh, john and jim's dad being shown on the game? the over/under is 1 1/2
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times. melissa: what? lori: believe it or not you can bet on the color of the gatorade likely that will be dumped on the winning coach's head. melissa: yellow green. lori: the odds are seven out of four it will be clear gatorade. melissa: clear? lori: two out of five it will be orange. and two out of 13 it will be red or blue. they are so clever. looking to make a dime on any way they can. maybe lemon flavored or original. melissa: coming up tonight on "money" i can't wait for this, geraldo rivera will join me. i don't know if you heard about this. he is considering a run for senate in 2014. in a sure sign of the apocalypse saying he would run as a republican. lori: yes. melissa: you can bet i will ask him. tune in tonight to find out how he could possibly be a republican. i'm totally baffled at that. are you familiar with geraldo rivera? he is about as liberal as they come. lori: maybe kind of balance of power.
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maybe that is the slot to fill. melissa: i guess. he will run against cory booker. if cory booker of course runs, face all of them in primary. so -- >> chris christie with the governor with a bear hug of the president? melissa: see this discussion? this is what we'll talk about at 5:00. you want to tune in. good stuff. lori: will do. car sales shining again in january. one. industry's top analysts, rebecca linled land, joins tracy byrnes and ashley webster next. find out what surprises her most. don't miss it. [ male announcer ] where do you turn for legal matters?
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ashley: good afternoon, everybody, i'm ashley webster. tracy: and i'm tracy byrnes. back at 14,000, for the first time in five years. it's a good friday. the dow is gaining 1% and headed for its fifth straight winning week the is now the time to sell or just get in and buy more? we have portfolio manager chad morganlappedder is here
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to tell us what to do. ashley: good, i need to know. payrolls are rising but certainly not fast enough for millions of americans looking for work. one former labor department insider is here with four ways to spark hiring. >> pretty cool. al important's $60 billion wine industry is hoping for a year to toast to but will tax hikes and consumer caution spoil the party? we're going to have that story coming up. ashley: all right. but first as we say the dow hitting 14,000 for example the first time since october 2007. let's go straight to the floor of the new york stock exchange. nicole petallides. what a day. >> that's right, indeed. obviously today is such a milestone for all the bulls out there, with all are the folks so frustrated during the financial crisis when we saw the dow at 6500. here it is at 14,012. these are session highs we're hovering right now, tracy and ashley. we're seeing a gain of over 1% on each of the major averages. the tech-heavy nasdaq the best of the bunch up 1.%. we obviously got in the jobs
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report today that helped things along. while the current month was not as good as expected we saw november and december revisions helping things along. the other thing that contributed to our run up, not only are we see momentum that the dollar is lower and multinationals always do well when the dollar pulls back. that is something we're watching closely as well. traders continue to watch the numbers like 1514 here we're showing you on the s&p 500. certainly a little toppy, frothy, taking a breather, that wouldn't be unusual. a lot of traders do believe that we've run up pretty far pretty fast. while the momentum goes to the upside you have to take a little bit of a pullback sometimes as well. ashley: when, that is the question. nicole, thank you so much. appreciate it. tracy: let's turn to the commodities market. they are mostly higher today. we have to go to fox contributor phil flynn of price futures grew group in the pits of the kme today. what are you watching today? >> we're watching everything
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down here today because everything is moving. let's start off with oil. oil is ready for the longest weekly stretch of gains since 2004, consider that. compared to a lot of other commodities like silver up 60 cents, gold up 8.80, copper at a four-month high, up 50 cents crude isn't up that much at least on the wti contract. crude oil prices up 25. a lot of that has to do with the problems with the seaway pipeline. the seaway pipeline issues have been a major mover in this market and it's been a major mover between the spread and the brent and the wti. brent, on the other hand is up over a dollar right now. part of that of course is the better economic outlook and also of course because of the concerns about all of the terror incidents that have been happening. looking at pemex, we're looking at the embassy attack in turkey, all of those things are adding to the brent crude and weak on the wti. if you look what is happening right now, you know, tracy said it. with the dollar, the euro has been on fire. the dollar has been very,
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very weak and the economic data today is playing into that mode. we're seeing a lot of momentum in the precious metals. so it looks like a lot of people are saying that the bulls are coming back to the metals. a lot of money printing means a very strong precious metals market and that's the way we're doing it right now, tracy. back to you. tracy: hey, phil, just a week ago we were talking about extra supply of oil and yet we still see it running up what happens? are we going to see a pullback in oil too? >> i think we are. in fact we're going to see it because we can't get the oil where it needs to be. this is a problem. we have plenty of oil. the problem is we can't get it to the right refineries. we have a backlog in cushing, oklahoma. reversal of the seaway pipeline was supposed to solve that problem. what we did we exchanged a glut in cushing, oklahoma, for a glut in the cuff coast. some refineries in the gulf coast are shut down. because of this, the oil is backing up on the other end
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of the curve. now, what we're hearing from seaway is that this glitch is going on through the third quarter but in the fourth quarter, they're going to open up a new pipeline which should alleviate that glut. so if you're looking at the spreads, the short end bearish. the long end, bullish. back to you. tracy: good stuff, phil flynn, thank you very much. you have a great weekend. >> you too. ashley: that is impressive. phil, thank you. gasoline futures up 10% over the last two weeks. that is having an impact at the pump as you well know. tracy: oh, i do. ashley: let's talk about that the markets seemed to like today's slew of economic reports. overall pretty good. jobs we'll talk about that. our next guest says we're not out of the woods yet. how should you invest right now? it is a difficult one. joining us chad morganlander from stifel nicolaus. thanks for being with us. seems like this market wants to move higher and higher and higher. every day we hear from people, there's a pullback coming there's a pullback coming because we need it.
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when do we get a pullback do you think and by how much? >> right now you had a string of good economic data points that have come out and that has bolstered investor enthusiasm. and you probably are going to continue to see that for the next several months so we're continuing to overweight equities at this point in time. but one should keep in mind that earnings has not translated into a great burst of, when i say that, i mean 2% kind of earnings growth this year, year-over-year. ashley: yeah. >> so you could expect perhaps the s&p 500 to go to 150050 to 1575. but at that point in time we would be somewhat more cautious. ashley: okay. tracy: but you make a great point because the market is moving much faster than earnings basically, right? but at the same time our companies are lean and mean. they're waiting to dive back in. arguably if they ever get the opportunity we could go even higher? >> that's true. that, if you get a tremendous amount of capital spending and you get good positive private sector growth on the employment
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numbers then you could have a lot of room to run. but you really need to see a feedback loop into the earnings for the market to really move higher. and, you have operating margins for u.s. corporations at peak, historical peak and revenue growth that is somewhat lackluster. so you know what you want to do here is stay somewhat more balanced. be somewhat overweight in equities but don't want to get too over your skis and think now is the time to be fully invested because you will see a three, four, five-year, kind of big bull run without a market pullback. ashley: but we're seeing a flow out of the bond market in particular. people who want to say, okay, i parred my money with basically no yield for so long there is pent-up demand but there is that kind of conundrum, well do i go into the market now if i just totally missed this? right. this flow you're speaking about is one month kind of move into equity mutual
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funds. it is historic proportion when you look throughout time. you really need to see two month, three month, four-month kind of trend. i don't suspect that will come to fruition. i don't think we're here with regard to the u.s. economy where you hit the escape velocity perspective. which is fancy word for economic growth of 3% or 4%. ashley: yeah. tracy: let's talk about being in this market. you like technology and oracle, on your list. many will say that is, oracle, cisco those are slow and steadies. >> slow and steadies. they're selling below market multiples. oracle, we have a price target there of over $40 a share. so you can get a good 10% return plus pick up some dividend yield. tracy: right. >> as well as cisco selling at a 12 times multiple. growth trajectory again on a price appreciation standpoint of over 10%. so these are slow and steady. they have a lot of cash. they're consistently growing. consistently profitable and well-capitalized. those are three things you
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want to look for companies in 2013. ashley: what are you avoiding, chad? >> right now, i would be avoiding utilities. i do believe that you're going to see interest rates slowly rise over the next 18 months. so you're going to see money flow out of that, into more slow and steady companies like technology. tracy: you would hope. ashley: great stuff. good information. chad morganlander with stifel nicolaus. thanks. >> appreciate it. ashley:. tracy: one of these days. my kids will be in college. but one of these days. we're tracking this market rally all hour. we're up 151 points on the dow right now. some of the dow's biggest movers will come up next. plus a solid month for u.s. car sales. auto expert rebecca lindland tells us whether this trend can go the distance. ashley: first as we do at this time every day look how oil is trading. we're talking about it with phil flynn at the cme. edging up again after slipping back a little bit at 97.70 a barrel.
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ashley: the housing market gearing up for its busy season but, the federal housing administration which guaranties a quarter of all mortgages is going to make them more expensive. hmmm. rich edson has the details on this story from washington. rich? >> well, ashley all part of the delicate washington balance insuring homebuyers for as little as 3 1/2% down have access to a mortgage and guarding against taxpayer losses. the federal housing administration guaranties more than a trillion dollars of mortgages and the latest audit says it is more than $16 billion in the red. to address that the fha is increasing annual mortgage premiums by a .1 of a percentage point on most of the mortgages it insures and requiring the borrowers to pay for the life of the loan. with the government involved in 90% of the new mortgages,
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the government is looking to overhaul the fha. in next two weeks the house financial services committee holds a pair of hearings. the chairman says the fha is broke, bailout broke. we need a finance system gives hard-working americans to buy homes they can actually afford to keep. one housing advisor says the fha's financial problems are overblown and prevented a deeper recession stepping in when private capital fled. >> it served that roll through 2007, 2012. really adequately. now it is certainly needs to be scaled back. i don't think at anyone at fha would argue it taken on too big of a role and it needs to come back down. >> democrats and republicans want to overhaul the government housing finance system but with taxes, spending and budgeting dominating the washington again an upgrade of government housing policy anytime soon seems doubtful. ashley? ashley: rich edson in d.c. rich, thank you very much. tracy: wishful thinking. ashley: yeah. tracy: we have a stock alert
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on dell. shares are up about 2% on expectations for a buyout deal. this comes as early as monday we're hearing. shares were up 6% earlier reports say. of course under this deal the founder, michael dell, would own a majority stake in the private company and other financing would come from silver lake management and microsoft. it would be the largest leveraged buyout since the financial crisis. ashley: a lot of analysts say this is a win-win for dell. it needs to get away from the spotlight of wall street. reorganize, really figure out where their future lies and do it with private equity and of course, be interesting to see what impact that has. certainly dell needs a new direction with the demise of the pc market. tracy: it needs a kid back. get the dell dude. ashley: dude, we're going private. all right. let's get a check of the markets. nicole petallides on the floor of the new york stock exchange where we go every 15 minutes. you know that. nicole, now that we hit the 14,000 mark we're getting closer to the all-time high.
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>> right. that really should be the next thing we talk about. when you talk about dow 14,000. we hit it, we crossed it. today is the day goes on the calendars we broke through 14,000 againings like we did back in 2007. all-time high which was closing price of 14,164. that will be the next thing we'll watch. we're not quite there yet. we traded as high as 14,015 today. we'll continue to watch that. we're watching earnings as well. that is something we'll continue to watch. chevron and exxon have been key. we've been seeing both those names on the move. exxon has been under a little bit of pressure but here it is squeezing out a gain. chevron also doing well. when i think of exxon, both had higher earnings, up 5.9%. refining margins helped them. the quarter was close to their best year ever. merck, they are suffering. they don't have as many drugs in the pipeline as originally thought down 2.7%. back to you. ashley: nicole, thanks so much. we'll be back in 15 minutes. 14,164. we'll try to get that before
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the closing bell. we're on a roll. tracy: we have another sluggish month of job creation. what will it take to get american companies hiring again? a former labor department economist has some answers. ashley: good. i'm glad someone does. here is how the dollar is moving right now. kind of a mixed day against other foreign currencies. the euro continuing to make gains against the dollar at 1.3666. we'll be right back (announcer) at scottrade, our clients trade and invest exactly how they want. with scottrade's online banking, i get one view of my bank and brokerage accounts with one login... to easily move my money when i need to. plus, when i call my local scottrade office, i can talk to someone who knows how i trade. because i don't trade like everi'm with scottrade. me.
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>> coming up on 20 minutes past the hour i'm rick folbaum with your fox news minute. the white house is calling the homicide attack on the u.s. aem bassey an act of terror. two are dead after ha homicide bomber detonated explosives killing himself, a turkish security guard and injuring a female turkish journalist. this happened outside the u.s. embassy in ankara. sources telling fox news that u.s. staff are all safe. in cairo more than 10,000 protesters are clashing with police outside of the presidential palace. they are firing tear gas at opponents of president mohammed morsi who are shouting chants of leave morsi. this is the agent day of political violence in egypt. energy secretary steven chu is resigning. in a statement, president obama said chu helped move the country toward energy
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independence citing department programs in wind and solar power. chu will stay on until the end of the month and until a successor is confirmed. those are the headlines. back to tracy and ashley. ashley: rick folbaum, thanks so much. the u.s. economy added 157,000 jobs in january, while the unemployment rate it ticked up to 7.9% but today's report represents only a fraction of the 12 million americans looking for work. peter barnes joins us from the labor department with more on that story, peter? >> hey, ashley. 4.7 million of those 12 million people have been unemployed for 27 weeks or longer. that's about 40% of the stolt -- total unemployment. the white house is not doing any high-fives about the jobs report today but it will take it. the president's top economist alan krueger telling me this morning that the report and some other economic indicators paint a picture of an economy that is slowly healing but not back to full they will health just yet. to help get it there the
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president is pushing the administration is pushing the president's proposals for more infrastructure and other stimulus spending and pushing republicans to approve them. >> that is why in every proposal the president has put forward, every budget, every submission to the super-committee, every document he is placed before speaker boehner in their negotiations he has included within his overall deficit reduction plans specific measures to invest in our economy, to insure that it continues to grow, to insure that it creates jobs. >> but the house speaker said in a statement, quote, if government spending were what causes economic growth as the president believes, then the economy today should be booming, and the unemployment rate in america should be plummeting! the speaker blasted the president for closing down his jobs council and said that republicans will be releasing a budget in the next few weeks that cuts spending to help generate
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economic growth and jobs. ashley? ashley: all right. peter barnes in washington. thank you very much. tracy: yeah. well despite the fact that 157,000 jobs were created, we've got a guest who says the labor market is still in poor shape. she is focused on ways to create jobs this year. diana fur much got roth joins us. until which get to your list, what bothered you the most in this report today? >> well first of all the unemployment rate went up that is more americans who are out of work. and second the pace of job creation was very slow. at this rate we'll only get back to 6.5% unemployment in january 2017. the fed says that it is going to continue to prime the pump until the unemployment rate goes down to 6.5%. that is january 2017. that is probably why the markets went up. ashley: what is the biggest reason, diana, companies are just not hiring right now
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and what can be done to get the ball rolling? >> one of the reasons is the new health care act that place as tax of $2200 on each worker above 49 if the employer is not offering the right kind of health insurance. so for many employers moving from 49 workers to 50 workers will cost them $49,000 a year because the first 30 are exempt. that is serious impediment to hire more workers. you can bet companies around 45 right now think i will not hire more than two or three. companies around 52 are thinking of shedding. tracy: that is why we're seeing a lot of temporary health increases. we've been talking about immigration reform. how does that play into creating jobs in this country? >> well a lot of people would say we have high unemployment, why do we need more immigrants? we need more immigrants that
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makes our economy more efficient. there are entrepreneurs overseas who want come here and start businesses and create jobs and hire native-born americans. we need to make sure that they have legal visas to get in and work. and there are low-skilled workers who want to come here and help our farmers with their crops so we don't have to have our farms overseas. so we don't have to import more produce from places like chile and we can pick it here. like orchards in washington state, for example, could not find enough workers this past year to pick their crops. high-skilled and low skilled immigrants both benefit our economy, make it more efficient and create more jobs for native-born americans. ashley: does that mean we have to look outside the u.s. to find the next jerry yang or sergey brin? >> there are a large percentage of large companies created by foreign-born talent there paypal. there is yahoo!. there is google. there are visas that allow foreigners to come in if
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they create jobs after five years, native-born americans, they get permanent residency. that is win/win for us. if they create jobs, we give them citizenship. if they don't, they go back home. we definitely should expand the visas. tracy: talking about lowering the minimum wage and stopping the war on fossil fuels, two things we talk about often here. diana furchtgott-roth, thanks so much for being with us. >> great to be with you. ashley: a lot of good points made there. tracy: the minimum wage one especially. don't need to pay the kids $7. they need a job. ashley: they get replaced too often with machines because it is cheaper. at the 16th annual rainbow/p.u.s.h. economic summit thursday honoring motown records barry gordy. we caught up with the reverend jesse jackson and how to best bridge the economic gap between the races. he thinks that education is the most effective solution.
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>> better to educate people and leave them ignorant and unemployed. it must start with prenatal care, head start and day care on the front side. not just welfare on the backside. ashley: that was the reverend jesse jackson speaking out on education. tracy: we have breaking news now for you. "wall street journal" reporting that time warner cable ceo glenn britt will step down at year's end the source says the stock is down, the stock is down two third of a percent again. time warner cable ceo glenn britt stepping down according to "the wall street journal.". hmmm. all right. we have automakers turning some heads with their january sales. ashley: yeah. tracy: even auto expert rebecca lindland says she is amazed by some of them. she is our guest next. ashley: everyone wants a new car. let's look at the winners and losers with the dow the big winner. here are other companies that are moving higher. we'll be right back.
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♪ ashley: here it is. half past the hour. tequila to the dow 30, a sea of green with one lone red stock. the drug sector, the only one. the dow, well above 14,000. as to take a look at the new york stock exchange where nicole petallides is standing by on this friday. >> reporter: serious green on the screen when you see 29 of the 30 components in the green. we have noted the fact that we are above the 14,000 mark now. is this sustainable at these troubles? to we pull back or do we continue higher and try to take our all-time high.
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>> we are not that close yet. we are in the we have to be broken through 14,000, broken through 1505. now the next real level is 1525, and we are within striking distance. maybe not today. i think a chance that that will be the next level. they will take it and see the resistance and if it really exists. >> reporter: we talked about an economic recovery in housing recovery. do we deserve to be at these levels? do you think that wall street really is a coin where we are seeing on main street? >> you know me, i tend to be cautious. i think we're well ahead of ourselves. out of the grim should be here at all, but you cannot fight the fed, and you add news by today, which is a jobs report. it was a really jobs report. we not enough that he will take a wait. they have some jobs and plenty of stimulus.
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>> reporter: a great job but during the understanding of the markets. back to you. ashley: of albany. thank you very much. back in 15 minutes. the punch bowl. tracy: i love that. ashley: strong sales across the board for the big automakers in january. jeff flock is here with the numbers. >> reporter: hit an opera or a downer, i cannot remember. >> let's look at the stocks. nicole is talking stocks. if you want green you look at all those. the positive sales news, pieces of news today. first of all, looking at the auto stocks, the biggest in 85 gaynor. fast out achieving particular to what is driving these primarily. everybody up single or double digits, strong double digits. toyota of 26%. gm up, ford of 22%, gm up 16%.
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all of this is good stuff. why should you continue to be bullish on both the economy and the auto stocks? well, let's take a look. the incentives that it spent. last hour i did incentives compared from december to january. they bring them out in december and taken away in january, but year-over-year january incentives, most of the automakers have reduced incentives year-over-year in january. still, we are getting positive sales numbers. why should you be bullish about the economy? take a look at one of the segments as selling well or do so will well. trucks. when gm's sales call. the head of gm's sales was pointing to the strong performance of gm trucks. ford had strong performance as well. you go by truck because you decided you wanted one. you have incentives in december. by in january because you need a
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truck. your business is expanding. that is good news. a lot of good news. tracy: we will take some positive news on friday that. ashley: my next guest says despite strong sales, there are some concerns about how long the trend last. joining me now, director of automotive research of ags. thank you for being here. there were great numbers. ford, gm, chrysler kamal posting strong gains in sales for the month of january. so strong that it surprised you, perhaps? >> a little bit above our expectations. fifteen. two, were looking at 153-5. ashley: okay. so to his point, he says, people are buying the trucks because they are expanding business. it is a good sign for the overall economy. would you agree? >> really interesting data
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within iss which also has a big energy sector. we are seeing large sales of pickup trucks in areas where there investigating shale and natural gas. they will buy 1,000 trucks a for all the new employees. so we will see them randomly in north and south dakota and parts of pennsylvania. reseeded change in distribution pattern. pickup truck sales, but it is great to see them because they're really our profitability ashley: amazing how this has come since being in the dumper back in 2010. how far has it come? >> it is amazing. i remember being in mexico city at the beginning of 2010 forecasting 10 million units. i thought, that seems impossible . exactly. sixteen, 17 million units. so gm actually really released a note saying january sales were 15% higher this january than in january of 2010. ashley: what concerns you about all of this? not sustainable?
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is that what you fear? >> it is more the idea that payroll tax, people starting to get those slightly smaller paychecks really hitting that middle-class bill. that is what we're concerned about. so many people will buy clark that sort of backs derrick buying and borrowing level, and 90 percent of all cars are financed anyway. when you take a with a take-home pay you're taking away the purchasing power. ashley: some of these incentives for scaled-back last month which ironically had no impact, it seems, on sales. to expect those incentives to come back stronger as we go through into the year. one of the reasons we used to have incentives was the factors had to run. we had to finish vehicles. now we can control production and moderate production to meet
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demand. that is why we don't have to slaughter incentives and more. ashley: we see housing turnaround, but we still know that lending and financing, getting a mortgage is pretty stop to -- pretty tough. how is bank lending with regard to financing a car. >> it is inexplicable. people go out and buy another car. i have never felt so poor. there is a very close correlation and new-car buying. but we elected new home sales, such a ripple effect throughout the economy. people go to home depot. spend thousands of dollars. all these different things. housing recovery spreadable to see a recovery in light vehicle sales. much easier. and it's very high.
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plenty of deals out there. ashley: very good. i ags director of automotive research on the day when the news is good for the goddess. they do so much. per-share. tracy: a lot of good news. breaking news on oil. closing up $0.28 for the day at $97.77 per barrel. for the week crew grows the dollar 89, a gain of 2% to. ashley: going up. tracy: sure is. the biggest ipo since facebook and it's having a stellar debut. that story next. ashley: the best super bowl apps to enhance your game day fund. first, let's check the ten and 30-year treasurys. we'll be right back. ♪ [ male announcer ] how can power conmption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.?
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so that's ten security gators, right? put them on my spark card! why settle for less? testing hot tar... great sinesses deserve great rewards! [ male announcer ] the spark business card from capital one. choose unlimited rewards with 2% cash back or double miles on every purchase, every day! what's in your wallet? here's your invoice. ♪ >> i'm adam shapiro with your fox business brief. a rally on wall street continues. the dow industrials crossed of 14,000 mark for the first time since october 27 -- 2007. up 146 points. the january jobs report is in. 157,000 jobs were added in the first month of the year, and the unemployment rate, well, it rose just 79%, but the latest figures show that hiring was stronger in 2011 and 12 and previously estimated. shares of dell of almost two and a half percent as negotiations continue to take the world's number three pc maker private.
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co-ceo expected to take majority ownership of private equity firm silverlake. microsoft will take a minority ownership. if the deal is completed it will be the largest buyouts as the financial private -- crisis. that deal could come as soon as monday. as the latest from the fox business network, giving you the power to prosper. ♪
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tracy: eating, drinking, doing whatever. on downloading maps. tweeting and doing my thing. but a handful of labs that have been digging around for the
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think you guys are going to like if you're is going to take to get you ahead of the national. if you're a die-hard football fan and want to watch everything online yet to download the nfl mobile lead. the game extremes, you rheostats. it even has a social buttons so you can snap talk on facebook. the super bowl official app also great for anyone who's, there. you get a map of the super bowl events in the visitor's point of interests, if you're lucky enough to be there, welcome as the least of your problems. for super fans for the team's economic the official team map for its streets. the forty-niners, one for the ravens. the stock about the party. that is what it's all about. epic of some party favorites for you guys. one of my favorites is the super bowl party game. what this does is it allows all of your friends other independents and to answer 20 different questions like how long will the national anthem be as the super bowl goes on you get points.
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only one person has to buy it. it is, well, $4.99 of the i/o s. exactly. that is another. i wonder if you can go in and set your own questions. that would be better. i know tracy will be getting your super bowl squares glowing. and -- >> agreed. i don't know what to do back. tracy: stake of the people paper. you know how to draw lines. pull names of a hat. there is up super bowl square. >> that is cool. enter people's names. tracy: i have to write this down tell me that again. >> it is on itunes called football square plus. tracy: okay. i'm writing it. ashley: tracy is on it. >> and i love that you can watch the nfl -- i mean, streaming. on cbs. so there you go. ashley: very handy information, shibani. thank you. tracy: weekly. ashley: weekend talks back, too. you'd like that. tracy: i don't know how to talk
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smack. ashley: yes, you do. it is a quarter till three time for talk. -- stocks. but said down to nicole petallides on the floor of the new york stock exchange. all the on to the 14,000 level. >> reporter: holding on. plenty of game. all right. let's talk about what we're seeing here on the dozens industrials. obviously all agree on the screen. we showed you a short time ago all the dow component to all 30 of them, 29 of the 30 have been in the green, so this is a day when the broad based rally market has clearly gone to the upside, 371 million versus the down volume which was just 88 million, so it shows you, they are buying everything today. on with us a short time ago, a little nervous at these levels, but billing with the momentum. let's talk about a new ipo today, and that is a spinoff from pfizer which has been getting rid of some of their other areas. looking here, today right now
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3123. it's up 20%. not too far off of the highs of the day, 3174 for this company which basically is for animal health and medicine for livestock. back to you. ashley: nicole, thank you very much. you know how to speak snack, that is a lot going to say. millions at stake, by the way, the super bowl battle of the field. how appetizers are hoping there will score first and biggest. tracy: apparently there will be horses. and california vineyards bracing for the impact of smaller 2013 basics when there business, one insider will weigh in on that next. first, let's take a look at some of today's winners and losers on the nasdaq as we head up to the break. ♪
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♪ ashley: super bowl just around the corner. turning in for the biggame, halftime shw, like most people, the ads. dennis kneele has more on this and joins us now. dennis. >> reporter: some of the 37 ads sponsored in super bowl -- super bowl xlvii have a lot more of state. they will pay cbs for 30 seconds at a rate of $2,600 per second. now, for best buy, the electronic chain, the fate of the company may be upper wraps. can a new polar distract viewers from the retail chain's recent struggle and buyout rumors. and the stakes are even higher over a blackberry. other advertisers are rolling and juicy bits of their ads weeks in advance, but this strange still is the only image we have seen thus far. the new smart son underwhelming
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critics, maybe no commercial can save them. likewise soda stream hoping to put a little this back in its sales, down 34%, using the ag greedy appeal with computer affects disintegrating plastic bottles. elsewhere, of body spray pulling off the super bowl ambush. allspice has run ads like this one all season long. it did not sponsor the super bowl. so axe bodies brigade. 13-year-old boys to use axe even though astronaut buzz aldrin is. so go daddy, the internet brand that board on receipt of a sexist super bowl ads is back. and dirty guide in really dirty glasses. and longtime super bowl mainstays like budweiser will be there. a rancher raising his clydesdale
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with only a single bottle of bud shown for only one second. all set to a 35 year-old song by fleetwood mac. truly touching. i have to tell you. your going to cry. ashley: i'm wiping away tears as we speak. very, very emotional. absolutely. tracy: washing cars. ashley: that's a different story. the ceos behind to super bowl sponsors. go daddy and mercedes-benz. they are coming up in the 4:00 p.m. eastern hour right here on fox business. getting more of these ads. tracy: what are you drinking at the super bowl? i have it. at some length. ashley: telling you, and drinking wine. americans with much less money. at apparel tax hikes have left them with smaller paychecks. the wine industry is adopting to customers to just have less money to spend it.
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joining us, founder and ceo of an online media company that focuses on wine and, of course, one expert extraordinaire herself. let's talk first about this confluence of events that has come together. >> thanks for having me back. and all of this is good for the california in u.s. wine industry, but is not going to be great in 2013. a boom in chardonnay eckhardt time to raise prices. tracy: the stock about that. less grapes planted in 2009 because of the recession. bad weather in 1011. >> is an agriculture products. yet the shrinking supply and pricing pressure. a wide-open playing pressure for imports.
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more and more wine according to stone bridge. with all this pressure, we are leaving it wide open for the imports to come and compete. tracy: this is the last thing that california wineries -- >> last american needs. state tax is going through the roof. we talked about this last time. you cannot pick up and move a vineyard. one of the things that you have in your notes was the pricing of these bottles. it's an update to be the $10 bottle, okay to be $85 bottle. >> we see more and more bifurcation in the marketplace. in terms of who advertises and also in terms of what consumers are most often drinking, and as we were talking about, under $15, no-brainer. if you're trying to save for a special occasion, according to stone bridge research as well, people are spending, is more carefully. once in awhile you will spend 85 and up, but the days of an joining a $34 a bottle on an everyday basis are over for now. tracy: the $20 are getting squeezed.
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e-commerce and why it is not working. amazon cannot even get it together. >> it is hard. this is a hard category, highly regulated, three and a half pounds of liquor in a bottle, have become a breakable and shipping costs are enormous. the real issue is if you are innovative and a lot of people have been chasing it. the jet trading, and regulatory. tracy: it seems to be a tough year. like we were saying, they can move. these guys are stuck. >> absolutely. tracy: well, it's a wrap. sign up for the daily said. >> thanks you -- thank you, tracy. tracy: know this stuff. ashley: starting to get thirsty. tracy: it is time. ashley: it is. superbowl nearly year. liz claman will take us through the last hour of trading. our big apple.
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the stock is going to double. and we will also hear from the ceo who explains why business is booming in china. countdown to the closing bell is next. ♪ all stations come over to mission a for a final go.
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